By standards, we mean guidelines or preferred approaches that are not necessarily mandatory. In contrast, when referring to regulations we mean mandatory rules that must be followed, such as government-imposed requirements through laws. It should go without saying that as a professional, you’re required to follow all applicable laws and rules that apply to your industry, organization, or project. Every industry has standards and regulations. Knowing which ones affect your project before you begin work will not only help the project to unfold smoothly, but will also allow for effective risk analysis.
Some projects require specific skills in certain application areas. Application areas are made up of categories of projects that have common elements. They can be defined by industry group (pharmaceutical, financial, etc.), department (accounting, marketing, legal, etc.), technology (software development, engineering, etc), or management specialties (procurement, research and development, etc.). These application areas are usually concerned with disciplines, regulations, and the specific needs of the project, the customer, or the industry. For example, most government agencies have specific procurement rules that apply to their projects that wouldn’t be applicable in the construction industry. The pharmaceutical industry is interested in regulations set forth by government regulators, whereas the automotive industry has little or no concern for either of these types of regulations. You need to stay up-to-date regarding your industry so that you can apply your knowledge effectively. Today’s fast-paced advances can leave you behind fairly quickly if you don’t stay abreast of current trends.
Having some level of experience in the application area you’re working in will give you an advantage when it comes to project management. While you can call in experts who have the application area knowledge, it doesn’t hurt for you to understand the specific aspects of the application areas of your project.
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